Cipla Ltd.

Cipla’s - wholly owned subsidiary, Cipla (EU), UK has entered into a joint venture agreement (JVA) with Cipla’s existing business partners in Morocco - Societe Marocaine De Cooperation Pharmaceutique (Cooper Pharma) and The Pharmaceutical Institute (PHI). Cipla has established a strong presence in Morocco for over a decade via its business partners.

This JV will enable Cipla to establish a front-end presence in Morocco’s pharmaceutical market, becoming the launch vehicle for Cipla’s portfolio while leveraging the commercial strengths of partners. The initial focus of the JV shall be respiratory and neurology products and it shall also invest in setting up a manufacturing facility in Morocco.

As per the agreement, Cipla (EU) will hold 60% stake in the JV, while Cooper Pharma and PHI shall together hold 40% stake. Cipla (EU)’s expected investment in cash in the JV is estimated at up to $15 million. The transaction remains subject to conditions precedent and applicable regulatory approvals.